Crypto Price Analysis 12-16 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGECOIN: DOGE, CARDANO: ADA, INJECTIVE: INJ

As a seasoned cryptocurrency analyst with years of experience under my belt, I must say that the current market trends are a rollercoaster ride for any investor. The volatility in prices is a testament to the dynamic nature of this space, and it’s crucial to stay informed and adaptable.

During the early morning trade in Asia, Bitcoin (BTC) reached an unprecedented peak of $106,449, only to later drop back down to its present value. This surge occurred amidst increasing conjecture that Bitcoin might be adopted as a U.S. reserve asset.

The cryptocurrency is trading at $104,638, up just over 2% in the past 24 hours. The surge is also the result of increased whale activity and markets buoyed by MicroStrategy’s addition to the Nasdaq 100. BTC is up almost 6% over the past week and nearly 15% over the past month.

On the weekend, various other digital currencies saw significant price increases. Ethereum (ETH) rose by nearly 2%, trading just shy of $4,000. Solana (SOL) experienced a slight increase in value over the last day. In addition to this, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Tron (TRX), Toncoin (TON), and Polkadot (DOT) also saw significant gains. The total market capitalization of cryptocurrencies has risen by 2.42% and now stands at approximately $3.7 trillion.

Bitcoin (BTC) Sets New All-Time High

Bitcoin (BTC) soared to an unprecedented peak, hitting $106,492, due to escalated whale trading activities and MicroStrategy’s inclusion in the Nasdaq 100. Weekend transactions data showed significant Bitcoin transfers by large investors, often referred to as “whales.” These trades resulted in a shift of massive amounts of BTC from major exchanges into personal wallets. According to Whale Alert, an organization that monitors crypto transactions, approximately $2.8 billion worth of BTC was moved off platforms such as Bybit and Binance and into private wallets. This large-scale withdrawal substantially decreased the amount of Bitcoin available on public exchanges, causing a surge in its price.

A significant reason behind Bitcoin reaching a fresh record high was the increased confidence sparked by MicroStrategy, the global leader in Bitcoin holdings, being included in the Nasdaq 100 index.

The Crypto Market Must Overcome Regulatory Hurdles

The leader of South Korea’s stock exchange, Jeong Eun-bo, has advocated for the country to officially adopt cryptocurrencies and act swiftly to avoid falling behind its competitive counterparts. He expressed these views during an interview with a Korean newspaper, emphasizing that the market faces substantial regulatory hurdles that need to be addressed.

As a market analyst, I find myself compelled to express that the cryptocurrency market has expanded exponentially, capturing global attention that traditional financial sectors can no longer overlook. In light of this dynamic shift, I strongly recommend that South Korea expedite its integration of cryptocurrencies within their financial infrastructure.

Additionally, he noted that leaders of trading platforms concurred that they might struggle to sustain profits if they failed to acknowledge or engage with the digital currency sector.

“The average daily trading volume of the domestic stock market is approximately 20 trillion won ($14 billion). The virtual currency market has surpassed this since Donald Trump won the US presidential election. We must hurry to institutionalize the virtual currency market to create new added value. If we are vague with our treatment of virtual currency, and treat it as a speculative asset, we will fall behind in terms of international competitiveness.”

The market for digital currencies, such as Bitcoin and Ethereum, has seen a significant surge in popularity within South Korea. Interestingly, this market is primarily controlled by individual investors rather than companies or listed crypto firms on the Korean stock exchange. At present, it’s not possible for businesses to purchase cryptocurrencies through their financial balances, and there hasn’t been approval from regulators to launch spot Bitcoin Exchange-Traded Funds (ETFs).

Bitcoin (BTC) Price Analysis

During the early trading hours in Asia, the price of Bitcoin (BTC) reached a record peak, boosted by President-elect Donald Trump’s recent remarks hinting at his intention to establish a U.S. strategic reserve for Bitcoin, much like its oil reserves. Tony Sycamore, an analyst at IG, commented on this development.

In simpler terms, we’ve reached uncharted heights as the market is now expecting a potential price point at around $110,000. The anticipated dip or correction that many had been anticipating never materialized due to recent developments.

Last week, Trump expressed his desire for America to lead the world in a comprehensive digital currency environment. When queried about potentially establishing cryptocurrency reserves like our strategic oil reserves, Trump confirmed that such a move is indeed part of his plans.

We aim to achieve something remarkable with cryptocurrency, as we don’t want to lag behind countries like China who are adopting it. Instead, we aspire to lead the pack.

Other nations, such as Russia, are pondering the establishment of strategic Bitcoin reserves. The value of Bitcoin has surged by more than 16% since last month and over 55% since the US elections. Jack Mallers, founder and CEO of Strike, speculates that Trump may sign an executive order on his inauguration day, designating Bitcoin as a reserve asset.

It’s possible that an initial executive order could be used to acquire a substantial amount of Bitcoin, not necessarily a million coins, but enough to establish a strong presence in the market.

Multiple proposals for Bitcoin reserves are being discussed at the state level too, according to Dennis Porter, CEO of Satoshi Action Fund. He mentioned that a third such bill could be under consideration, though he did not specify which state might join Pennsylvania and Texas in pursuing this approach.

Initially, we had Pennsylvania and Texas, but now another state is joining us. They’ve shared a draft with me, which confirms it’s legitimate. This momentum isn’t slowing down; we can expect many more similar bills to emerge, perhaps up to 10, according to my estimation.

Experts are anticipating that the Federal Reserve will lower its interest rates by 0.25% on December 18th, potentially boosting Bitcoin’s value further over the next few months.

Let’s examine the Bitcoin (BTC) price trend. Over the weekend, BTC found it tough to surpass the $100,000 mark due to continuous selling pressure. However, events on Sunday and the start of this week might have sparked a fresh bull market for BTC, with it reaching a new record high today. Last week started off well for BTC, with a 1.32% rise on Sunday and ending at $101,043. But it plummeted significantly on Monday, falling to an intraday low of $94,185 due to sellers’ influence. After this dip, it stabilized and closed at $97,434 after a 3.57% drop. Sellers maintained control on Tuesday as BTC experienced minimal loss, closing at $96,912, although it had dropped to an intraday low of $94,313 earlier in the day.

Despite the prevailing selling pressure, BTC recovered on Wednesday, rising just over 4% to go above $100,000 and settle at $100,900. However, it was back in the red on Thursday, dropping almost 1% and settling at $99,923. BTC’s seesaw price action continued on Friday as it recovered after registering an increase of 1.47% to reclaim $100,000 and settle at $101,394. The weekend began with BTC registering a marginal drop on Saturday. However, it rallied on Sunday, registering an increase of almost 3% and settling at $104,182. BTC set a new all-time high during the ongoing session as it peaked at $106,554 before declining to its current level of $105,017.

As a crypto investor, I find myself in uncharted waters as analysts point towards an “extreme greed” shift in market sentiment regarding Bitcoin (BTC). If the bulls hold strong, we might see BTC surging even higher, potentially reaching the impressive heights of $110,000. Conversely, if sellers manage to wrestle back control, there’s a chance that BTC could dip below the $100,000 mark. The road ahead is uncertain but exciting!

Ethereum (ETH) Price Analysis

Experts believe that Ethereum (ETH) might reach unprecedented peaks in Quarter 1 of 2025, and a potential surge could establish a new record high for this asset. However, ETH has found it challenging to maintain prices above $4,000 – a significant psychological barrier – despite Bitcoin (BTC) experiencing notable growth. As the price chart indicates, ETH has consistently been pushed back from the $4,000 level due to a strong resistance from sellers, often referred to as a “sell wall.” Despite recent setbacks, ETH has managed to turn around a significant amount of negative market sentiment, bouncing back from its low of $3,521, a price point it dipped to in the past week.

Last week, ETH began with a dip, losing approximately 7% to reach its lowest point at $3,536. It then stabilized at $3,715. On Tuesday, sellers maintained dominance, causing ETH to drop by about 2.30%, settling at $3,630. However, a recovery happened on Wednesday, with ETH surging nearly 6% to go over $3,800 and settle at $3,834. Continuing its upward trend on Thursday, ETH reached a high of $3,988 before settling at $3,882, marking an increase of 1.26%. On Friday, the price rose above $3,900 after a small increase, ending the day at $3,907.

As an analyst, I observed a shift in the tide for Ethereum (ETH) over the weekend. On Saturday, despite optimistic sentiments prevailing, ETH dipped nearly 1% to settle at $3,869. However, Sunday saw a resurgence of buyers, pushing ETH up by approximately 2%, reaching $3,956. As I write this, ETH is experiencing a slight increase during the current session and is trading at $3,977, aiming to gather momentum and surpass the $4,000 mark.

According to one expert on topic X, it’s predicted that Ethereum (ETH) might surge past $8,800 due to a pattern called an ascending triangle visible on its daily chart. Notably, crypto analyst Venture Founder has pointed out Ethereum’s past connection with Bitcoin’s halving cycle, suggesting Ethereum could outshine Bitcoin’s momentum by December.

In every Bitcoin halving cycle, Ethereum has lagged behind Bitcoin in performance for up to eight months. However, once it starts performing well against Bitcoin, the growth can be substantial, often exceeding 700%. We’re currently in the eighth month following the latest halving event. If history repeats itself, we might expect the Ethereum to Bitcoin ratio to reach at least 0.39 in this cycle.

Solana (SOL) Price Analysis

Currently, Solana (SOL) is struggling to overcome its 20-day Simple Moving Average (SMA), which functions as a tough barrier of resistance. This resistance has made it challenging for buyers to propel the price towards $250. Over the past few weeks, this resistance at crucial levels has grown significantly. Since early December, Solana has tried multiple times to surpass the 20-day SMA, but each attempt has been unsuccessful. The selling pressure has consistently kept the price below this moving average. Last week, we saw a similar pattern unfold as SOL experienced a steep decline of nearly 9% on Monday, reaching an intraday low of $203 before closing at $216. On Tuesday, sellers maintained control and caused SOL to drop by 1.47%, settling it at $213.

On Wednesday, Solana (SOL) bounced back following a period of support, resulting in a 6.38% increase to close at $227. Attempts were made on Thursday for buyers to push SOL above its 20-day Simple Moving Average (SMA), reaching an intraday high of $234. However, the upward momentum faded after that level, causing SOL to drop back to $227 with a minor decrease. The selling pressure continued on Friday as SOL fell 0.96% to $224. On Saturday, sellers aimed to push SOL below its 50-day SMA but were unsuccessful in doing so, with buyers preventing any further decline and allowing SOL to settle at $219. SOL experienced a strong buying activity on Sunday that led to a nearly 2% rise, closing the day at $224. Today’s session sees Solana back in negative territory, dropping by more than 1% to trade at $221.

As a crypto investor, if sellers continue to dominate and drive Solana (SOL) below its 50-day Simple Moving Average (SMA), there’s a potential for the price to dip down to around $200 before any possible recovery. Conversely, should buyers manage to regain control, they will be on the lookout for opportunities to push SOL above the 20-day SMA. If successful, SOL could challenge significant resistance levels at approximately $240 and $260 once more.

Ripple (XRP) Price Analysis

To begin December, Ripple (XRP) showed a strong upward trend, reaching a peak of $2.90 on the 3rd. Since then, the momentum has dwindled, with the price failing to exceed $3 due to significant selling pressure at higher levels. Consequently, XRP dipped to $2.17 by the 5th and rose to $2.60 over the weekend. However, a steep drop occurred at the start of the following week, causing XRP to fall nearly 15% to $2.21. The selling pressure intensified on Tuesday as the price sank to an intraday low of $1.90, momentarily dipping below the 20-day Simple Moving Average (SMA). Nonetheless, it rebounded from this level and saw a rise of more than 7%, closing at $2.37. XRP exhibited significant volatility on Wednesday as both buyers and sellers fought for control. In the end, buyers managed to take charge, causing XRP to increase by 0.92% and settle at $2.39.

On Thursday, sellers withdrew from the market as XRP declined by 2.37%, reaching a price of $2.33. However, on Friday, it rebounded with a 3.60% increase, closing at $2.42. The weekend was a rollercoaster for XRP; it dipped by 0.97% on Saturday following an unsuccessful attempt to surpass $2.50. But it regained momentum on Sunday, rising by 1.93% and ending the day at $2.44. Unfortunately, today’s session has seen another dip for XRP, with a drop of 2.38%, trading around the $2.40 mark.

Dogecoin (DOGE) Price Analysis

As an analyst, I’ve observed that Dogecoin (DOGE) has been confined within a tight trading band since its significant dip of over 11% on Monday, plunging beneath the 20-day Simple Moving Average (SMA) and reaching an intraday low of $0.382 before rebounding to close at $0.414. The bearish sentiment prevailed on Tuesday as DOGE dipped to a daily low of $0.365, eventually closing at $0.394 following a nearly 5% drop. However, it managed to regain positive momentum on Wednesday, climbing by 5.20% and ending the day at $0.414. Yet, the price could not exceed the 20-day SMA and slid back slightly on Thursday, shedding just over 2% to close at $0.406.

On Friday, DOGE experienced a recovery due to support near $0.40, but failed to gather enough strength to surpass its 20-day Simple Moving Average. This resulted in a minimal gain, with the price ending at $0.409. Sellers then pushed DOGE down to an intraday low of $0.387 on Saturday as selling pressure increased significantly. However, it bounced back from this level and closed at $0.397 before recovering again on Sunday, reaching $0.406 after a rise of more than 2%. Currently, the session shows DOGE moving in the negative direction, with sellers aiming to push it below $0.40. At present, DOGE is down by 1.35%, trading around $0.404.

Cardano (ADA) Price Analysis

On Monday, Cardano (ADA) experienced a significant decline, dropping approximately 16%, dipping below its 20-day Simple Moving Average (SMA) and settling at around $1. However, it reached an intraday low of $0.91 earlier in the day. But on Tuesday, ADA started to recover, rising from its intraday low of $0.91, marking a nearly 2% increase, and ending the day at $1.02. The optimism surrounding ADA grew stronger on Wednesday as it surged over 6%, closing the day at $1.08. On Thursday, buyers managed to push ADA above its 20-day SMA, resulting in a 3.22% increase to around $1.12.

Initially, sentiment showed a slight improvement on Friday, but there was a minor decrease. On Saturday, bearish sentiments grew stronger as ADA dipped below its 20-day Simple Moving Average (SMA), plummeting more than 5% to reach $1.06. Yet, despite significant selling pressure, ADA rebounded on Sunday, increasing by 3.58% and reaching $1.09. Unfortunately, it failed to surpass the 20-day SMA. In the current trading session, ADA has dropped nearly 2%, and its value is at $1.07.

Injective (NJ) Price Analysis

Last Friday, the upward trend for INJ came to a sudden halt when it hit $34, losing its momentum and sliding down to $32.99 by the end of the day. The weekend brought about a change in investor sentiment as INJ fell more than 3% on Saturday, bottoming out at $32.99. However, there was a slight recovery on Sunday, with INJ rising by approximately 0.98%, reaching $33.31. Unfortunately, the price of INJ plummeted nearly 16% on Monday, dropping below its 20-day Simple Moving Average (SMA) and hitting an intraday low of $24.73, where the 50-day SMA prevented it from falling further. By the end of the day, INJ managed to recover somewhat, ending at $28.05. The bearish sentiment continued on Tuesday as INJ dropped to a low of $25 before settling at $27.07, marking a 3.49% decline.

As a crypto investor, I witnessed INJ’s resilience on Wednesday amidst heavy bearish sentiments, with the coin rallying by 6.57% and closing at $28.85. The momentum carried over to Thursday, propelling INJ to an intraday high of $30.79, momentarily breaching the 20-day Simple Moving Average (SMA). However, the buying fervor waned after this level, and we ended the day at $29.07 with a minimal increase. The bulls remained in control on Friday, nudging the price slightly higher to $29.27. Sentiment turned bearish again on Saturday as INJ plummeted by 6.26%, closing at $27.43. A recovery followed on Sunday, with INJ gaining more than 4% and settling at $28.56. In the current session, sellers are trying to push the price towards the 50-day SMA as INJ is down nearly 3%, trading around $27.80.

2024-12-16 16:11